The Development Bank of Maldives (DBM) has officially commenced operations today, marking a significant milestone in the country’s economic development.

President Dr. Mohamed Muizzu inaugurated the bank during a special ceremony, emphasizing its role in transforming key sectors of the Maldivian economy.

Speaking at the event, Economic Minister Mohamed Saeed described the launch as a turning point for the nation.

He said that the Development Bank will open a whole new chapter in the economy of Maldives, highlighting the bank’s potential to foster growth and innovation.

DBM CEO Noel Gregor Paterson-Jones echoed this sentiment, calling the institution more than just a bank.

He said that DBM will be a powerful engine that drives the Maldivian economy, bringing improvements across various sectors.

Earlier, President Dr. Muizzu had referred to the DBM as a vital hub for investment, particularly in the tourism, housing, and infrastructure sectors.

He expressed confidence that the bank would attract significant investor interest and support the sustainable development of the nation.

Established on May 16 this year, the Development Bank of Maldives received its banking license in October.

The President's Office emphasized the bank's objectives, including financing sustainable economic and social development, raising funds for infrastructure projects, and addressing challenges in financing Public Sector Investment Program (PSIP) projects through syndication finance. Additionally, DBM aims to increase foreign investment in the Maldivian banking system.

With its launch, the DBM is expected to play a pivotal role in shaping a prosperous and resilient economy for the Maldives.